A new report from UBS indicates that despite the proliferation of digital financial tools, a majority of U.S. employees still seek human guidance for critical financial decisions. The Workplace Voice report, based on a survey of 2,000 employees with at least $5,000 in investable assets, found that 48% prefer working directly with a financial professional, while 33% favor a hybrid approach combining human advice with digital platforms. Only 19% rely solely on digital tools.
The preference for human interaction is most pronounced among Baby Boomers, but Gen Z workers also show a strong inclination toward personal guidance. Millennials and Gen X are more likely to blend digital and human sources. Among those who use advisors, roughly 90% say professional guidance helps them make better decisions, avoid costly mistakes, and feel more secure during periods of uncertainty.
Digital engagement is accelerating, with about 75% of respondents comfortable using online platforms for financial information. Search engines, video platforms, and AI tools are common sources. However, the report suggests these tools are largely complementary rather than a replacement for human advice. This aligns with findings from a BNY Wealth survey showing that 96% of ultra-high-net-worth investors use AI weekly but still rely on advisors as a key human check.
A significant knowledge gap is shaping employee behavior. Many workers enter the workforce without formal financial education and find financial topics overwhelming. As a result, 80% of respondents believe employers have a responsibility to help improve their financial health. Yet awareness of available programs remains low, and participation depends heavily on how well those programs are communicated and tailored to individual needs.
Personalization is critical, the report finds. Employees are far more likely to engage when guidance is relevant to their specific circumstances and tied to real-life decisions such as retirement planning or managing equity compensation. Retirement remains the top financial priority for most workers, yet many lack access to employer-sponsored plans or rely heavily on basic savings accounts. Equity compensation, while widely viewed as valuable, is often seen as complex and difficult to manage.
The research also points to a looming challenge: wealth transfer. About 40% of employees expect to receive an inheritance, but only half feel prepared to manage it. Despite the anticipated impact on their financial lives, many lack the knowledge or confidence to handle such assets effectively. This gap presents an opportunity for advisors to step in, particularly as women's wealth surge reshapes the industry and more families face multi-generational planning.
For RIAs and broker-dealer advisors, the report underscores the enduring value of human advice in an increasingly digital world. While digital tools can handle routine tasks, complex decisions—especially those involving retirement, equity compensation, and inheritance—still require a personal touch. Advisors who can bridge the knowledge gap and offer tailored guidance are likely to remain indispensable to their clients.
